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Vitalik Buterin: Ethereum (ETH), Much More Than DeFi


Speaking at EthCC in Paris, Ethereum creator Vitalik Buterin outlined a vision for non-financial uses of blockchain, such as saving social media from bots and fake news.

Speaking at EthCC in Paris, Ethereum creator Vitalik Buterin outlined a vision for non-financial uses of blockchain, such as saving social media from bots and fake news.

Speaking at EthCC in Paris last night about “things that matter outside of DeFi,” Ethereum creator Vitalik Buterin talked about Ethereum ’s potential to have an impact on other sectors of society, using social media as a prime example.

The Ethereum blockchain and ETH prices currently appear to derive value from the emerging decentralized finance (DeFi) ecosystem. But Ethereum was created for much more than DeFi, and Buterin shared his concerns that the blockchain is under-defined by users. Buterin said that Ethereum is about many different mechanisms, experimenting with promoting, building, and implementing decentralization and trust, into areas that go far beyond just finance.

Use in Social Media

In his speech, Buterin argued that using Ethereum as a decentralized login service could give users more control over their identities and accounts, rather than relying on centralized social media companies with ultimate control over accounts on their platforms. “The Ethereum ecosystem must go beyond just producing tokens that assist in token trading,” Buterin said.

While acknowledging the exponential growth of DeFi, Buterin explained that Ethereum needs to “expand” beyond the industry and that the original vision should be used to reorganize many central aspects of society such as information distribution, sovereign identity, and supply chains.

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